They target is now $1.2B. They are going to cut, cut, cut. And by so doing, lose any hint of the vison/people they need to become the best fintech on the planet. You can’t spreadsheet filter your way to client success and wellness. You have to think about it harder and this style of leadership doesn’t allow for that.
Brace yourselves. Bisignano is coming.
Our tech has never been any good anyway, a bunch of acquired out of date technology that is integrated and held together by duct tape, bubblegum, and prayers. Now that the last buffer between us and the Teflon Don is leaving and cost synergies has been upped to 1.2 bil, we’re all screwed, those of us who don’t get whacked will be struggling as FD leadership keeps pushing tons of projects and initiatives with bare bones amount of resource. Correction JY, Our worst days are ahead of us. Thanks for screwing us.
Wait until the first data breaches occur when some laid-off soul starts posting keys to you-know-what in Dropbox.
It won't be me doing it, but there are more than a few people who have quietly threatened to do it once Jeff left, and Sapience isn't going to tell you who transcribed what via eyeball and pencil.
Having recently been in Brookfield recently for a maintenance project from what I could see they have a very old and anchored product that would be difficult to move. I heard the Checkfree people running the show in the past were deathly scared of it. Closing and moving that infrastructure could be challenging. We'll see.
SLC, WDM, Brookfield close by EOY. Irving and Johns creek command centers close and relocate to Omaha. Cherry Hill closes, Johns creek Data center is sold and then leased back - a real estate strategy - no people will be there - Lewisville DC converges in Omaha - a significant downgrade - flint and Troy close, Irving becomes irrelevant, PHX office closes. These are just a few of the changes that Corporate Real estate is working on before the EOY.
It’s 25% ... so far 10% has been cut. You’re going to see smaller offices close, remote employees unable to relocate cut, reorganization that makes Directors and VP’s unnecessary. Two companies were merged together and there is still a lot of redundancy especially in credit services. Once some of those products are sunsetted you’ll see those people cut. It’s unfortunate but it’s in the math.
First I’d seen a hard percentage. 25% seems...huge. Any second opinions?
They were already planning on reducing staff by 25% by year end. With this guy, it will be constant layoffs. No one is safe except maybe his JPMC cronies.
“Best FinTech” is a joke. That was never the real vision. It’s totally a financial engineering task. That’s it.